Paymon

Paymon is a blockchain multi purpose platform that connects market participants through a new scalable blockchain they call Hive.

How it works:

Paymon platform incorporates a couple of features. The main feature is that it serves as a decentralized token exchange. Instead of using a cryptocurrency exchange and paying a commission, users can trade cryptocurrency with each other. A smart system would connect sellers and buyers at the moment when they need it and conduct the exchange using atomic swaps and internal smart contracts realized on Hive. It also functions as a system for easy creation of smart contracts.

Hive, one of the main advantages of Paymon, is a technology that lets users conduct transactions faster and with no fees. It uses Directed Acyclic Graph (DAG), an improved version of blockchain, that has increased speed and security in comparison with regular blockchain.

Users that run this blockchain, serving as nodes, will get cashbacks from each transaction to reward them for enabling the high speed of the system.

Business owners can use Paymon as their payment option, using a system called Profit that allows businesses to accept cryptocurrency. As they register and form their profile on the app, users can pay for their goods and services with cryptocurrencies the company chooses to accept. Hive API can be used to simplify the process.

Another interesting service that Paymon offers is creating your own ICO and tokens. This means the platform can later serve as a hub for ICOs, bringing in a lot of revenue.

Innovation:

Paymon combines a payment service and cryptocurrency exchange, making the latter truly decentralized. It also introduced DAG, an improved blockchain, that works faster and provides more security for the users.

Innovation score: High

Token value:

PMNT’s value is dependant on the success of the platform. It is used as the platform’s payment method, being the exclusive way to pay for the company’s services. With the growth of the user base, the demand for the token will grow, and so will its price.

Since the platform is very promising, and it has already attracted users in the MVP stage, PMNT’s rise in price is very probable.

Token value score: Medium

White paper:

The documentation Paymon provides is very detailed. They present a technical document and a legal opinion apart from the white paper itself. The white paper mostly covers the concepts that are key to the platform, explaining the features that distinguish the platform from others and detailing marketing strategy.

White paper score: Medium

Roadmap:

Paymon currently has desktop, iOS and Android MVPs. They have gathered over 8,000 users since its launch in September 2017.

Further plans only cover 2018. The company plans to list tokens on the exchanges in the second quarter of 2018. The process of preparation and issuance of plastic cards is ongoing, they will be delivered in May 2018. It is in May, that the team will launch beta versions of Hive and Profit, the beta version of the exchange will be launched in August. All the services will be launched in full version by the end of the year.

Roadmap score: Medium

Business model:

Even though Paymon doesn’t present a business plan, we deem it worthy of a medium score in this category. It doesn’t charge transaction fees, but its Profit system that allows merchants to accept cryptocurrency payments seems like it can bring in some revenue.

Business model score: Medium

Team:

Paymon’s CEO is an entrepreneur with more than 5 years of experience. The lead developer has worked in IT for more than 10 years, the Chief of Marketing is founder of several advertising agencies that have accomplished more than 500 projects. The rest of the team consists of young and ambitious people with no more than two or three years of experience.

The advisory board lists a lot of CEOs, founders and ICObench.com experts. The participants cover finance, legal, business planning and leadership. The highlight of this section is Victor Chow, a serial entrepreneur, a corporate leader in venture capital and an ICO advisor for many projects.

Team score: High

Competitors:

Paymon will face competition from both exchanges and payment systems. It has an edge over them because of the fact it combines both and brings some innovative ideas and technology to the game. It also doesn’t charge transaction fees on the exchange, which is a great competitive advantage. Then there are other ICOs. Coinsutra finds 9 decentralized exchanges to work with. However, only one of them uses atomic swap, a technology Paymon is built on, and it doesn’t have other advantages Paymon offers. It is not unlikely, Paymon will make Coinsutra’s list soon.

Competitors score: Medium

Overall thoughts:

Despite it has some minor presentation problems, Paymon is a very promising ICO. It makes the exchange and receiving payments easy and fast, an improvement much needed on the market. If the team does a good job, Paymon will grow fast. This is a great investment.